Oyo budgets N267.4b for 2018 fiscal year

Oyo State Governor, Abiola Ajimobi on Thursday presented a budget of N267.4billion to the state House of Assembly for 2018 fiscal year.

The budget which was tagged “Budget of Stabilisation”, had a total expected recurrent revenue of N213.3billion, and the capital receipt was put at N43.72billion.

Ajimobi said: “As a responsive government, we are aware of the need to sustain the developmental strides taken so far in propelling the state forward, and against this background, a total budget of N267,436,357,912.19 only is being proposed for 2018 fiscal year.”

the breakdown of the budget shows that the total recurrent expenditure will be N118.37billion, while the capital expenditure was put at N149.1billion. Further analysis shows that N39.84billion will be spent on personnel cost, N25.24billion on overhead cost and N53.28billion on the consolidated revenue.

Also, the proposed revenue from the federation account was pegged at N93.68billion, and N7.53billion from transfers (LG, JAAC for LGSPD and LGSC), while N112.10billion is expected to be generated from Internally Generated Revenue (IGR).

For sectoral allocations, N85.39billion was appropriated to the economic sector, N54.280billion to the social service sector, N.517billion to the law justice sector while the general administration sector is expected to receive N5.94billion.

Ajimobi said: “The aggregate percentage of 93.71 per cent of the capital expenditure allocated to the economic and social sub-sectors underscores the state government’s determination to continue to pursue a people-centered, empowerment-focused agenda. We consider this as the best antidote to the problem of poverty amongst our people,” he added.